Gold Prices Rise, Spot Silver Near Record High — Check Rates In Delhi, Mumbai And Other Cities

Gold prices in India rose to Rs 1,30,430 and silver was up at Rs 1,81,850 on Thursday, according to the India Bullion Association as of 7:15 a.m. However, silver in the spot market was near its record high after hitting another record high in the previous session.

This comes after US payroll data reinforced hope that the Federal Reserve will cut interest rates in its final policy meeting of the year.

Spot gold also rose on Thursday trading near $4,250 an ounce. Despite the pull back from record high last month gold remains on course for its strongest annual gain since 1979, having reached a series of record highs before retreating last month. US rate cuts have underpinned prices, which have also been buoyed by inflows into bullion-backed exchange-traded funds and sustained central bank buying.

In New Delhi, the price stood at Rs 1,29,970, per 10 gm, and in Mumbai, it stood at Rs 1,30,190 on Thursday.

In Bengaluru, the rate stood at Rs 1,30,300, while in Kolkata, it was Rs 1,30,020 per 10 gm. The price of the precious commodity in Chennai was the highest at Rs 1,30,570 per 10 gm.

The Dec. 25 futures rose to Rs 1,30,350 according to the Multi-Commodity Exchange. The spot prices of the yellow metal was $4,242.20 on Thursday, according to Bloomberg.

The precious metal's price fell to Rs 1,81,400 per kilograms on Wednesday after it hit record high of Rs 1,81,680 per kilogram earlier this week, according to the India Bullion Association. The metal had hit a record high on Monday after a trading outage on the Chicago Mercantile Exchange due a data-center fault adding to the ongoing supply shortage.

Dec. 25 futures for silver were trading higher at Rs 1,82,150, according to the Multi-Commodity Exchange, while Spot silver was up 0.78% at $59.08.